As we entered the second half of 2018, we are constantly seeing and hearing optimistic statements about the price of Bitcoin. According to one hedge fund manager named Mark Yusko, Bitcoin is on a good way to reaching an all-time high in 2018.
Yusko is confident that this is the real potential that Bitcoin has – and how the flagship cryptocurrency could crack the six-figure threshold in more than half a decade.
The news came from Yusko’s Twitter account in which he said that he is sticking by his year-end price target of $25,000. Yusko said that he expects Bitcoin to march to $75,000 by 2020, $200,000 by 2022 and ultimately $500,000 by the end of 2024.
My view from April is unchanged. The #NetworkEffect of #Bitcoin is powerful and all that matters today is securing ownership of the Network, the daily price is just noise… #BuyAndHODL 🚀 https://t.co/FvnIi4jrX1
— Mark W. Yusko (@MarkYusko) July 26, 2018
Last October, Yusko said that the Bitcoin price could hit $1 million per coin one day, but also stated that he doesn’t expect BTC to hit this milestone for at least a decade.
The recent predictions by Yusko make him one of the most optimistic bulls of Bitcoin. However, he is also confident that his targets are justified due to the power of the “network effect” which is a theory that a communications network becomes increasingly valuable as it welcomes more users.
Currently, Bitcoin is fighting its way back above $8,000 and spent the majority of the weekend trading over that mark. Commenting on the recent Bitcoin price movements, Yusko said that this is “just noise” because according to him, “all that matters is securing ownership of the Bitcoin network.”
New York Stock Exchange (NYSE) Delays The Bakkt Bitcoin Futures Launch To 2019
“ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”According to analysts, there are speculations that Bakkt's scheduled December launch could help and catalyze a new year-end crypto market rally - with bulls such as Tom Lee predicting that the price of Bitcoin can ascend to as high as $15,000 before 2018 ends.
Funny Or Not, Tom Lee Lowers His Year-End Bitcoin Price Target To $15,000
“Global markets have seen liquidity dry up, and bitcoin is not necessarily a value asset — so as growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin. The downturn in FAANG is hurting those owning bitcoin.”Despite the killer downward trend that Bitcoin is facing right now, Lee remains bullish about crypto and believes that we are merely undergoing an "awkward transition." As he stated, crypto still has a bright long-term future ahead and there is no doubt that institutional investors will start coming around. https://twitter.com/CNBC/status/1064925085641965568 "“The next wave of adoption is institutional,” Lee said. “There is a crossover happening. This is just an awkward transition.” He also said that institutional investors will start making giant leaps into crypto. As he revealed:
“Institutional backing will come soon. You will get it partly through infrastructure, like Bakkt, which is launching soon. Part of it is going to come through regulatory clarity.”Tom Lee concluded by saying that the regulatory scrutiny of crypto scams would benefit the industry by easing consumer and institutional anxiety about the burgeoning industry.
“Digital assets are going to be relevant in a world where growth is increasingly digital,” Lee said. “So bitcoin is a real bet on [the future].”
Early 2017 Crypto Investors Are Rapidly Starting To Sell Bitcoin
“We are seeing the folks who bought in early 2017 sell for the first time today.’’He added that the majority of the Bitcoin early investors that purchased Bitcoin in the first quarter of 2017 now believe that they are seeing zero return on their investment. As of today, November 20, the price of Bitcoin reached a new low again for a second time this week going down under the $4,753. CryptoDog, a technical analyst explained the current bitcoin drop:
“The bears aren’t even pushing, BTC is just free-falling. Very weak dump, imagine what it looks like when the volume comes in. A short-term reversal could happen at any moment – shorting with high leverage is a terrible idea. However, if you are trying to knife catch, be patient. No one should be in a rush to long this.’’Despite the drop, BTC’s volume increased to $8 billion which as a more than 60 percent increase while expecting BTC to establish a bottom trend at $4 billion. This is one of the reasons why the investors who bought BTC at $1,000 are considering selling a huge part of their holdings fearing that another drop might be happening in the next few days.
Bitcoin Takes A New Beating, Goes Below $4,500 As Market Loses $25 Billion
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- New York Stock Exchange (NYSE) Delays The Bakkt Bitcoin Futures Launch To 2019
- Indian Government To (Finally) Draft Crypto Regulations This December
- (Some) Crypto Exchanges Resume BCH Trading, Bitcoin Cash Price Reaches New Lows
- After Days Of Resistance, Ripple (XRP) Suffers A Major Price Drop
- Funny Or Not, Tom Lee Lowers His Year-End Bitcoin Price Target To $15,000
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